Glenmark Pharma share hits upper circuit of 35% post launch of first Indian Covid-19 drug

Shares of Glenmark Pharmaceuticals rose 35% on Monday after the Indian drugmaker said it  has launched an antiviral drug Favipiravir for the treatment of mild to moderate covid-19 patients. Drug major Glenmark Pharmaceuticals has become the first Indian company to commercially launch an antiviral drug - Favipiravir with brand name FabiFlu - for the treatment of mild to moderate COVID-19 patients.

Glenmark Pharmaceuticals share price opened 10% higher at Rs 450 against previous close of 409.10 on BSE. Later, due to huge bidding for the share, the upper circuit of the stock was revised to 35%.  At 11;36 am, the midcap stock was stuck in upper circuit of 35% at a price of Rs 552 on BSE.

Glenmark's FabiFlu approved for COVID-19 treatment in India; priced at Rs 103 a tablet

Glenmark Pharma share is trading higher than its 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The mid cap stock has lost 6% in last one year and fallen 35.38% since the beginning of this year.

However, it has gained 33.73% in last one month.  The stock has been gained 19.63% in the last 4 days. Market cap of the firm rose to Rs 13,274 crore on BSE.  Total 0.20 lakh shares changed hands amounting to turnover of Rs 90.75 lakh. The stock hit its 52-week high of Rs 517.70 on June 21, 2019 and 52 week low of Rs 168 on March 13, 2020.

The company received marketing and manufacturing approval from the Indian drug regulator, Drug Controller General of India (DCGI) and launched the product in the Indian market on June 20.

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